K2, which owns and controls a diverse set of specialty programme administrators and – through its managing general agents – underwrites and services over US$1 billion in ‘niche commercial and personal insurance premiums’, plans to operate APRIL USA as an independent, wholly-owned subsidiary. Prior to the acquisition, K2 did not own anything in the travel and entertainment industry.
“We are excited about the prospects with the addition of APRIL USA and know that Jason Schreier, with his 30-plus years of experience in the industry and his loyal stuff, will continue to expand upon their already successful operation,” commented Robert Kimmel, CEO of K2.
Jason Schreier, who is the CEO of APRIL USA, added: “We are very excited about the opportunities we now have with the acquisition by K2. When the April Group, based in France, announced last year that they were looking to divest itself of its travel insurance businesses globally, we were charged with finding a new home for our successful division here in the US. We have found that new parent company and partner in K2.”
Travel insurance industry to pick up following the recovery of travel
Schreier noted that the new acquisition meant that the entire staff would remain intact, and, as sales of travel insurance are reportedly on the rise following the advent of the global pandemic, it seems likely that the APRIL USA team will soon be looking to expand its team following a projected turnaround of the travel insurance segment by late summer 2021.
“We are seeing the tea leaves of recovery,” said Schreier. “This January, we have experienced our best month since March 2020 as pent-up demand for travel has exploded.” He added: “Unfortunately, new protocols, rules and regulations to combat Covid-19 may have put a dent in those trips that many have been planning.”
In a news analysis of the last 12 months, Schreier spoke to ITIJ about how April USA, as part of the larger travel insurance industry, had adapted throughout the global pandemic.